What is Unified Payments Interface (UPI)?
Unified Payments Interface (UPI) is a mobile based, 365x24x7 ‘fast payment’ system. Through UPI, users can send and receive money instantly by means of a Virtual Payment Address (VPA) set by the users themselves. The unique feature of VPA based transaction is the secure aspect of UPI architecture as it removes the need for sharing…
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What is e-Money?
In India, e-Money is actually the Prepaid instruments (PPIs) issued in the form of Wallets and Cards. Banks, financial institutions or specific entities can issue e-money after obtaining necessary approval / authorisation from RBI under the PSS Act. E-money is electronically stored electronically in a domestic currency backed by the regulator. The Payment and Settlement…
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RBI’s discussion paper proposes a 4-tier regulatory framework for NBFCs
The Reserve Bank of India has released today (January 22, 2021), the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. The paper proposes the regulatory and supervisory framework of NBFCs shall be based on a four-layered structure– Base Layer, Middle Layer, Upper Layer and a possible Top Layer. NBFCs in lower layer…
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Recovery of excess payment of pension: RBI withdraws existing circulars
RBI on Thursday (January 21, 2021) declared that the existing circulars related to recovery of excess pension paid by agency banks stands withdrawn with effect from the date of its circular dated January 21, 2021. The above decision was taken by the Central Bank in view of the recovery of excess /wrong pension payments from…
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RBI releases 2020 list of Domestic Systemically Important Banks (D-SIBs)
The Reserve Bank of India on Tuesday released list of Domestic Systemcically Important Banks (D-SIBS) in India. State-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank are declared as Domestic Systemically Important Banks (D-SIBs) or institutions which are ‘too big to fail’ as on March 31, 2020. The Reserve Bank had announced…
We are open to a bad bank plan: RBI Governor
On the subject of a bad bank, RBI Governor Shaktikanta Das on Saturday said RBI can consider the idea of a bad bank if there is any such proposal. He said the idea has been under discussion for a very long time. “We in the RBI have provided regulatory guidelines for asset reconstruction companies and…
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